- XRP price is attempting a recovery wave from the $0.3850 zone against the US dollar.
- The price is now trading below $0.550 and the 55 simple moving average (4 hours).
- There was a break below a key bullish trend line with support near $0.600 on the 4-hour chart of the XRP/USD pair (data source from Kraken).
- The pair could start a fresh increase if it clears the $0.5150 resistance.
XRP price is consolidating near $0.500 against the US Dollar, like Bitcoin. It must stay above the $0.4580 support to start a fresh increase.
XRP Price Analysis
This past week, XRP price made another attempt to clear the $0.6420 resistance against the US Dollar. The XRP/USD pair struggled to clear $0.6420 and started a sharp decline.
There was a move below the $0.600 and $0.550 support levels. Finally, the bulls were active above the $0.3850 support. A low has formed near $0.3875 and the price is now correcting losses. There was a move above the $0.450 resistance zone.
The price climbed above the 23.6% Fib retracement level of the downward move from the $0.6420 swing high to the $0.3875 low. XRP is still trading above $0.550 and the 55 simple moving average (4 hours).
On the upside, the price is facing resistance near $0.5150. It is also near the 50% Fib retracement level of the downward move from the $0.6420 swing high to the $0.3875 low. The next major resistance is near the $0.550 level.
The first major resistance is near the $0.5850 zone. A clear move above the $0.5850 resistance zone might start a strong increase. In the stated case, the price could even surpass the $0.6250 zone and test $0.6420. Any more gains might send the price toward the $0.700 resistance.
Initial support on the downside is near the $0.4580 level. The next major support is near the $0.420 level. Any more losses could lead the price toward the $0.400 level, below which the price might even test the $0.3850 support zone in the near term.
Looking at the chart, XRP price is now trading below the $0.550 zone and the 55 simple moving average (4 hours). Overall, the price could start a fresh increase if it clears the $0.5150 resistance.
Technical indicators
4 hours MACD – The MACD for XRP/USD is now losing momentum in the bearish zone.
4 hours RSI (Relative Strength Index) – The RSI for XRP/USD is below the 50 level.
Key Support Levels – $0.4580, $0.4200, and $0.400.
Key Resistance Levels – $0.5150 and $0.550.
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- Source: https://www.livebitcoinnews.com/xrp-price-analysis-bulls-aim-recovery-to-0-58/
